Bednar Financial Group: Resolve to Plan for the New Year with a Financial Review


By on December 27, 2017

The New Year is almost here and it’s one of the best times to take stock of your full financial picture.

A financial review is a resolution that will strengthen your finances in 2018. Bednar Financial Group can help you develop a plan for the New Year. Here are a few important steps to take in planning your financial future:

Revisit your spending plan. Begin with a financial review that takes a look at where your money goes. Your budget should cover all your living expenses and still leave you with enough extra cash to add to your savings and investments or an emergency fund. If it doesn’t, it’s time to look for places to cut back. The easiest way to save more is to reduce your spending.

Get a handle on debt. Paying off any balances on credit cards and personal loans, or at least reducing the amount, can potentially improve your credit score and put some extra money in your pocket for a rainy day. Remember to check your credit report annually with a major credit reporting agency.

Check on your investments. The stock market may be booming, but an annual review of your portfolio’s performance can tell you where you stand. It’s important to review your investments and earning returns to be certain that you remain on track to meet your goals. Comparing your investment returns with an appropriate benchmark, such as the S&P 500, for example, can show you how well your investments have fared relative to the market. You may also want to consider rebalancing your investment accounts to see if your overall portfolio’s mix of stocks and bonds are still appropriate for your situation. If your investments have changed significantly from your original mix, it may be time to reallocate your holdings. Annual rebalancing can help you stay on target to meet your financial goals.

Set money aside for retirement. The start of a new year is a good time to review your savings ability to plan for an increase in the amount of money you contribute to your 401(k) or individual IRA accounts. In addition to the extra savings that will help you “boost” your account balance, the amount you save may receive additional tax benefits along the way. With your 401(k), pretax contributions are made before federal income taxes are taken out of your pay. Lastly, if you received a year-end bonus or expect an early tax return, you should consider setting aside a portion in an individual traditional or Roth IRA.

Bednar Financial Group can help you plan your finances with an Annual Financial Review. To get started, call 717-435-8350 or visit for more information.


About digital editor

Leave a Reply

Your email address will not be published. Required fields are marked *